Is OpenSea the Best NFT Marketplace?

Last Updated:
May 24, 2022
Author:
Mike

Best NFT Marketplace

NFTs or Non-Fungible Tokens are unique digital collectibles. They include in-game assets, avatars, trading cards, art, and more. However, many people are unsure which platforms to use when selling, trading, or purchasing NFTs. Below we review OpenSea to see if it is the best NFT marketplace.

What is OpenSea?

OpenSea is a decentralized marketplace for buying and selling NFTs that launched in 2017. It is one of the most popular NFT marketplace options currently available for traders. In fact, in August 2021, OpenSea saw well over $3.5 billion in NFT trading volume. Many investors including Ashton Kutcher, Mark Cuban, and Kevin Durant have helped this popularity soar. OpenSea is now valued at over $1 billion, making it a must-use platform for many traders.

What Exactly is an NFT?

Before finding the best NFT marketplace for your investing needs, you should know what an NFT is. While you may know it is a Non-Fungible Token that doesn’t really tell you much. Now, a fungible token is a digital coin, like Bitcoin or Ethereum. These are interchangeably tradable and are not unique, so every Bitcoin is worth the same amount. However, each non-fungible token represents a single, unique digital item. These items are not interchangeable like currency or fungible tokens as they each have a different value.

Digital creators across the internet are joining the world of NFTs as they can sell unique art pieces. As an NFT the ownership is trackable and provable, making digital items collectibles. Plus, investors and creators can work together to create unique items.

OpenSea NFT Marketplace Features

The OpenSea marketplace offers a range of features for investors looking to buy, sell or trade NFTs including;

Create NFTs and Set Up a Collection

Any user on the OpenSea platform can create their own NFT without any experience. Simply create and build an NFT collection and upload an NFT in any accepted format. This could be a PNG, JPG, GIF, MP4, SVG, or another digital file. Then, users just need to add a description and any other details.

Supports and Shows Many Types of NFTs

As an NFT can represent any object, that is on the blockchain. This is a very broad range of items, thus, OpenSea categorizes the most popular NFTs for you. Users can simply choose from art, music, domain names, virtual worlds, collectibles, sports, and trading card NFT categories. This feature makes searching for new investments easier than ever.

NFT marketplace for Consumers and Developers

OpenSea has the largest share of NFTs for sale worldwide. This makes it the best NFT marketplace for retail users buying NFT and an essential platform for developers. The user-friendly platform allows developers to quickly a custom NFT marketplace for selling in-game items, crowdfunding projects, airdrops, etc.

Multichain Support

OpenSea offers Polygon integration to make transferring NFTs quicker and easier. This allows users to easily change between platforms and easily transfer NFT projects or Ethereum at any point via Polygon.

Statistics and Analytics

As a relatively new market, NFT statistics can be difficult to find. However, OpenSea makes it easy for any user to view current, and past rankings, activity, and potential value.

Low Fees

OpenSea offers a large, user-friendly platform for NFT investors and creators. They provide the infrastructure, and the 2.5% fee on every NFT sale covers the upkeep. This flat rate percentage for any sale is more reasonable than most platforms.

As you can see, OpenSea is a comprehensive platform for NFT buying, selling, creating, and trading. The scale and features make it one of the best NFT marketplaces for any modern investor.

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